Duke Energy held a conference call to discuss its second quarter 2005 earnings. The call included prepared remarks from Chairman and CEO Paul Anderson and Group VP and CFO David Hauser. Key highlights from their remarks include:
- Earnings per share were $0.33, including $0.02 in special items, compared to analyst expectations of $0.38. However, the company was on plan for the year.
- Weather had a negative $0.05 impact on earnings compared to last year. Results were also impacted by higher O&M costs.
- Most business units performed well, though Franchised Electric and DENA saw declines due to weather and other factors.
- The proposed merger with C
This document contains the prepared remarks and Q&A from Duke Energy Corporation's earnings conference call for Q2 2004.
The key points are:
1) Duke Energy reported earnings per share of $0.46 for Q2 2004, which included $0.04 per share in special items. Ongoing earnings were $0.42 per share.
2) The company's largest business segments - Franchised Electric and Gas Transmission - generated solid earnings and cash flows for the quarter. Field Services also had strong results due to high natural gas liquid prices and operating improvements.
3) Duke Energy reduced its mark-to-market trading position, but results were still affected by changing commodity prices
Duke Energy held its Q2 2003 earnings conference call on July 30, 2003. Fred Fowler, President and COO, reported that Duke Energy has made strong progress in the first half of 2003 through an asset sales program that generated over $1.5 billion, reducing capital spending to $3 billion, and lowering net debt by approximately $1.8 billion for the year. Duke Energy reported Q2 earnings of 46 cents per share including 16 cents from asset sales. For the first half of 2003, Duke Energy reported earnings of 71 cents per share including gains from asset sales and an accounting charge, with benefits from Westcoast earnings and expansion projects offset by lower DENA earnings and higher interest expenses.
Duke Energy held an earnings conference call to discuss its first quarter 2005 results. The call included prepared remarks from Duke Energy's Chairman and CEO, Group VP and CFO, and President and COO. They reported earnings of $0.91 per share including special items, and ongoing earnings of $0.44 per share, up nearly 30% from the prior year. Business unit highlights included strong results from Field Services, International Energy, and Crescent Resources. DENA reported a smaller loss than the prior year. The executives provided an outlook for the remainder of 2005 and discussed the impact of recent transactions involving Duke Energy's ownership in Field Services.
Duke Energy 02/02/05_prepared_remarks_and_qafinance21
This document provides a summary of Duke Energy Corporation's Q4 2004 earnings conference call. Key points include:
- Duke Energy reported 2004 EPS of $1.59, including special items, and ongoing EPS of $1.38, exceeding its $1.20 target.
- Business units like Field Services and Crescent Resources had strong years. Field Services benefited from higher commodity prices.
- For Q4 2004, Duke Energy reported EPS of $0.38 including special items. Ongoing segment EBIT increased at Franchised Electric and Natural Gas Transmission.
- Guidance for 2005 includes a $150M loss for DENA and $350-500M EBIT for Field Services depending
This document contains the prepared remarks and Q&A from Duke Energy's third quarter 2003 earnings conference call on October 30, 2003. Rick Priory, then-CEO of Duke Energy, noted that third quarter results were below expectations due to challenges faced by the DENA business segment. Duke Energy reported GAAP earnings of $0.05 per share and ongoing earnings of $0.35 per share for the quarter, excluding special items. Priory discussed cost reduction efforts that would yield over $200 million in annual pre-tax savings. CFO Robert Brace provided additional details on segment results and $0.30 per share in special items recorded in the quarter.
Duke Energy 4Q/03_Transcript_and_QA_-Finalfinance21
Duke Energy held an earnings call to discuss its financial results for Q4 2003 and the full year. The company reported a net loss of $1.48 per share for 2003, which included $2.76 in special items. Most business segments met their targets except for Franchised Electric, which saw lower earnings due to higher costs. Duke Energy's largest loss was primarily driven by asset impairments and other special charges related to its DENA business. Management provided additional details on special items to help analysts understand the company's ongoing earnings performance excluding these one-time charges.
Duke Energy reported third quarter earnings per share of $0.41, which included $0.03 from special items primarily related to additional tax benefits from asset sales. Ongoing earnings were $0.38 per share. Key business segments like Franchised Electric and Natural Gas Transmission reported solid results. Field Services benefited from strong natural gas liquid prices. Duke Energy North America continued working to reduce losses from its merchant energy business. The company has reduced its debt by $2.4 billion year-to-date through asset sales and cash flows. Management expects to meet or exceed its financial goals for 2004 and continues working to improve the company's performance.
The document is the transcript of Duke Energy's Q1 2003 earnings conference call.
In the call, Duke Energy executives discuss the company's financial results and progress on its strategic plan. They report that regulated utilities Franchised Electric and Gas Transmission contributed 94% of earnings. Duke is reducing costs, selling $1.1 billion in assets, and focusing on its strongest businesses. While merchant energy faced challenges, Duke is restructuring to improve results going forward.
This document contains the prepared remarks and Q&A from Duke Energy Corporation's earnings conference call for Q2 2004.
The key points are:
1) Duke Energy reported earnings per share of $0.46 for Q2 2004, which included $0.04 per share in special items. Ongoing earnings were $0.42 per share.
2) The company's largest business segments - Franchised Electric and Gas Transmission - generated solid earnings and cash flows for the quarter. Field Services also had strong results due to high natural gas liquid prices and operating improvements.
3) Duke Energy reduced its mark-to-market trading position, but results were still affected by changing commodity prices
Duke Energy held its Q2 2003 earnings conference call on July 30, 2003. Fred Fowler, President and COO, reported that Duke Energy has made strong progress in the first half of 2003 through an asset sales program that generated over $1.5 billion, reducing capital spending to $3 billion, and lowering net debt by approximately $1.8 billion for the year. Duke Energy reported Q2 earnings of 46 cents per share including 16 cents from asset sales. For the first half of 2003, Duke Energy reported earnings of 71 cents per share including gains from asset sales and an accounting charge, with benefits from Westcoast earnings and expansion projects offset by lower DENA earnings and higher interest expenses.
Duke Energy held an earnings conference call to discuss its first quarter 2005 results. The call included prepared remarks from Duke Energy's Chairman and CEO, Group VP and CFO, and President and COO. They reported earnings of $0.91 per share including special items, and ongoing earnings of $0.44 per share, up nearly 30% from the prior year. Business unit highlights included strong results from Field Services, International Energy, and Crescent Resources. DENA reported a smaller loss than the prior year. The executives provided an outlook for the remainder of 2005 and discussed the impact of recent transactions involving Duke Energy's ownership in Field Services.
Duke Energy 02/02/05_prepared_remarks_and_qafinance21
This document provides a summary of Duke Energy Corporation's Q4 2004 earnings conference call. Key points include:
- Duke Energy reported 2004 EPS of $1.59, including special items, and ongoing EPS of $1.38, exceeding its $1.20 target.
- Business units like Field Services and Crescent Resources had strong years. Field Services benefited from higher commodity prices.
- For Q4 2004, Duke Energy reported EPS of $0.38 including special items. Ongoing segment EBIT increased at Franchised Electric and Natural Gas Transmission.
- Guidance for 2005 includes a $150M loss for DENA and $350-500M EBIT for Field Services depending
This document contains the prepared remarks and Q&A from Duke Energy's third quarter 2003 earnings conference call on October 30, 2003. Rick Priory, then-CEO of Duke Energy, noted that third quarter results were below expectations due to challenges faced by the DENA business segment. Duke Energy reported GAAP earnings of $0.05 per share and ongoing earnings of $0.35 per share for the quarter, excluding special items. Priory discussed cost reduction efforts that would yield over $200 million in annual pre-tax savings. CFO Robert Brace provided additional details on segment results and $0.30 per share in special items recorded in the quarter.
Duke Energy 4Q/03_Transcript_and_QA_-Finalfinance21
Duke Energy held an earnings call to discuss its financial results for Q4 2003 and the full year. The company reported a net loss of $1.48 per share for 2003, which included $2.76 in special items. Most business segments met their targets except for Franchised Electric, which saw lower earnings due to higher costs. Duke Energy's largest loss was primarily driven by asset impairments and other special charges related to its DENA business. Management provided additional details on special items to help analysts understand the company's ongoing earnings performance excluding these one-time charges.
Duke Energy reported third quarter earnings per share of $0.41, which included $0.03 from special items primarily related to additional tax benefits from asset sales. Ongoing earnings were $0.38 per share. Key business segments like Franchised Electric and Natural Gas Transmission reported solid results. Field Services benefited from strong natural gas liquid prices. Duke Energy North America continued working to reduce losses from its merchant energy business. The company has reduced its debt by $2.4 billion year-to-date through asset sales and cash flows. Management expects to meet or exceed its financial goals for 2004 and continues working to improve the company's performance.
The document is the transcript of Duke Energy's Q1 2003 earnings conference call.
In the call, Duke Energy executives discuss the company's financial results and progress on its strategic plan. They report that regulated utilities Franchised Electric and Gas Transmission contributed 94% of earnings. Duke is reducing costs, selling $1.1 billion in assets, and focusing on its strongest businesses. While merchant energy faced challenges, Duke is restructuring to improve results going forward.
This document contains the prepared remarks from Duke Energy's Q1 2004 earnings conference call. The key points are:
1) Duke Energy reported earnings of 36 cents per share including special items, and ongoing earnings of 32 cents, which met expectations despite $6 cents of MTM losses during the quarter.
2) Several business segments performed well, including franchised electric and gas transmission. Field services benefited from higher frac spreads and hedging gains.
3) Challenges included a disappointing quarter for DENA due to inability to capture optionality. However, DENA expects to realize its full-year budget.
4) Duke Energy continues reducing debt and increasing cash, made progress on legal issues,
This transcript summarizes a Duke Energy earnings call for the third quarter of 2007:
[1] Duke Energy reported ongoing diluted EPS of $0.48 for Q3 2007, an improvement over $0.29 for the same period last year, driven by higher EBIT from its major business segments.
[2] The US Franchised Electric and Gas segment saw an $82 million increase in EBIT year-over-year due to favorable weather, rate reductions ending, and higher wholesale volumes, partially offset by higher costs.
[3] Commercial Power reported higher EBIT of $121 million compared to $57 million last year, from improved margins and Midwest gas plant performance.
[4
NiSource Inc. is a utility company focused on natural gas and electric utilities. It has over 3 million customers across 9 states. In 2002, NiSource focused on strengthening its balance sheet by reducing debt, streamlining operations, and shedding non-core assets. It raised $735 million through an equity offering, using the funds to further pay down debt. NiSource maintained investment-grade credit ratings while improving transparency and adhering to new governance standards. It focused on efficiently operating its regulated gas and electric utilities to serve customers in a high-demand region from Indiana to New England.
The annual report summarizes Perini Corporation's financial results for 2005. It highlights that revenues decreased 6% to $1.73 billion due to timing shifts on some projects, but pre-tax income was impacted by a $24.9 million legal charge. Two acquisitions expanded Perini's presence and its backlog reached a record $7.9 billion due to major new project wins in gaming and hospitality. Looking ahead, the company expects continued growth from its building segment and improved margins and earnings from its civil and management service segments.
This document provides a mid-year business update from DTE Energy, including:
1) An overview of energy legislation progressing through the Michigan legislature aimed at electric choice reform, cost-of-service rates, and renewable portfolio standards.
2) Details on Detroit Edison's general rate case filing, including a requested $60 million revenue increase to recover required environmental investments and merger premium costs.
3) An outline of topics to be covered, including the legislative update, non-utility business performance, and updated earnings guidance.
This document summarizes a New York investor meeting held by Xcel Energy on November 29, 2005. The presentation outlines Xcel's strategy of investing in regulated utility assets to earn its allowed rate of return and achieve earnings growth targets. It highlights Xcel's financial performance objectives and discusses its investments in infrastructure, environmental stewardship, and supportive regulatory treatment across its utility territories. The presentation also reviews Xcel's operational focus and organizational structure.
duke energy 2Q/07_Earnings_Call_Transcript_-_Finalfinance21
This transcript summarizes a Duke Energy earnings call for the second quarter of 2007:
1) Duke Energy reported ongoing diluted earnings per share of $0.25 for Q2 2007, up from $0.24 in Q2 2006, driven by improved results across its major business segments.
2) The U.S. Franchised Electric and Gas segment saw higher earnings due to favorable weather and increased wholesale volumes, partially offset by higher costs and rate reductions.
3) Duke Energy is on track to exceed its 2007 employee earnings target of $1.15 per share and expects Q3 to be its strongest quarter due to seasonal factors.
This document provides an overview and summary of a financial conference held by Edison Electric Institute on November 8, 2005. It includes introductory remarks regarding forward-looking statements and safe harbor provisions. The document then summarizes Dick Kelly's presentation on EPS growth targets, dividend increases, and credit rating objectives for 2005-2009. It also provides highlights on rate case filings, capital expenditure forecasts, potential regulatory net income, and earnings guidance ranges.
Public Service Enterprise Group (PSEG) held an investor conference in London on March 6, 2007 to provide an overview and outlook. PSEG reported strong operating results in 2006 and an earnings guidance range of $4.60-$5.00 per share for 2007, representing over 10% growth. Key drivers for 2007 earnings included higher power prices from forward hedging, rate increases at PSE&G, and improved performance at PSEG's nuclear and fossil fuel power plants. PSEG also discussed ongoing investments in its regulated utility PSE&G to ensure continued reliable service, as well as initiatives to support New Jersey's energy master plan.
1) Public Service Enterprise Group held an investor conference on March 1, 2007 to discuss its performance and outlook.
2) PSEG reported 2006 operating earnings of $3.71 per share and provided guidance for 2007 operating earnings between $4.60-5.00 per share, representing over 10% growth.
3) Key drivers for PSEG's strong outlook included expected improved performance from its regulated utility PSE&G, its unregulated power business PSEG Power benefiting from higher energy prices and forward hedging, and continued optimization of its portfolio of assets.
Enseco is a premier supplier of directional drilling and production testing services operating in North American resource plays. It has an experienced management team and focuses on growth through increasing utilizations, margins, and its USA operations. Enseco provides directional drilling and production testing services with in-house technology and industry leading experience. It operates across Canada and the USA with a focus on oil and gas production. Enseco emphasizes safety and has improved its safety statistics and adopted a total loss management system.
This document summarizes Xcel Energy's presentation at the Banc of America Securities Energy & Power Conference on November 17-19, 2003. It discusses Xcel Energy's accomplishments in 2003, objectives for investment, earnings growth, and credit ratings improvement. It also provides guidance on projected 2003 and 2004 earnings, cash flows, utility investments, and the expected timeline for NRG's emergence from bankruptcy.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's business segments, strengths, investment merits, capital investment plans, power supply, environmental commitments, and financial performance. Projections for 2004 earnings per share and cash flow are also presented. Key points include Xcel being the 4th largest US electric and gas utility, a growing service area, low rates, and a goal of providing competitive total returns of 7-9% to shareholders.
- The document provides an earnings review for Duke Energy for the second quarter and first half of 2003, including segment earnings results and drivers.
- Key highlights include a net income of $424 million for the quarter and $649 million year-to-date, and asset sales exceeding $1.5 billion goal with expected debt reductions of $1.8 billion.
- Earnings were positively impacted by gains on asset sales but offset by lower DENA earnings due to exiting proprietary trading and unfavorable market conditions.
Duke Energy DEC_3Q04_Earnings_Reg_G_Reconfinance21
Duke Energy Corporation reported financial results for the nine months ended September 30, 2004. Special items during this period resulted in a positive earnings per share impact of $0.08. These included gains from asset sales in the first quarter and settlements in the second quarter. The third quarter included a tax benefit and asset impairments. Excluding these special items and the impact of share count changes, ongoing EPS was $1.15 compared to reported EPS of $1.22. Segment EBIT was reported for various business units. Special item adjustments were made to reconcile reported segment EBIT to ongoing EBIT for the third quarter of 2004 and the year-to-date period.
This document is an amendment to a previously filed 10-K form submitted by Duke Energy Holding Corp. to the SEC on March 22, 2007. It includes additional audited financial statements for DCP Midstream, LLC (formerly Duke Energy Field Services, LLC) as required by Rule 3-09 of Regulation S-X. The amendment provides DCP Midstream's balance sheets, statements of operations and comprehensive income, cash flows, and notes to the financial statements. It also includes signatures from Duke Energy executives and consent from an independent auditor.
The document summarizes Duke Energy's financial results for the third quarter of 2005. It reports higher earnings in the company's franchised electric, natural gas transmission, and international energy segments. It also discusses the financial impacts of Duke Energy's decision to exit its North American commercial power business. Finally, it provides expectations for 2005 ongoing earnings per share and 2007 ongoing earnings following the planned merger with Cinergy.
The document summarizes Duke Energy's first quarter 2006 earnings review presentation. It discusses Duke Energy and Cinergy's first quarter results, including higher ongoing earnings compared to the previous year for most business segments. It also discusses the companies' commitments to investors around growing earnings, achieving full portfolio value, and transparent communication. Key highlights are Duke Energy's continued progress exiting the DENA business and confidence in Cinergy contributing $800 million in ongoing EBIT for the remaining year.
This document provides an agenda and background information for a Cummins Inc. investor conference being held at the Jamestown Engine Plant. The agenda includes presentations from Cummins leadership on topics like earnings growth, emerging markets opportunities, technology capabilities, and strategic partnerships. There will also be time for Q&A and plant tours. Presenters plan to discuss how Cummins is well-positioned for sustained profitable growth through leadership in technology, global presence, and strong balance sheet/cash flows.
This document contains the prepared remarks and Q&A from Duke Energy's third quarter 2005 earnings conference call on November 2, 2005. The call covered Duke Energy's financial results for the third quarter of 2005, including segment results for franchised electric, natural gas transmission, field services, international energy, and Crescent resources. It also provided updates on Duke Energy's plans to exit its DENA business and its proposed merger with Cinergy. Key executives discussed drivers of earnings growth or declines across business segments and provided earnings guidance for the remainder of 2005.
The document is the transcript from Duke Energy Corporation's Q4 2005 earnings conference call and outlook for 2006. It includes an introduction by Julie Dill, VP of Investor Relations. Paul Anderson, Chairman and CEO, provides an overview of Duke Energy's 2005 results and progress on the merger with Cinergy. Fred Fowler, President and COO, then reviews the outlook and earnings expectations for each of Duke Energy's business units for 2006.
This document contains the prepared remarks from Duke Energy's Q1 2004 earnings conference call. The key points are:
1) Duke Energy reported earnings of 36 cents per share including special items, and ongoing earnings of 32 cents, which met expectations despite $6 cents of MTM losses during the quarter.
2) Several business segments performed well, including franchised electric and gas transmission. Field services benefited from higher frac spreads and hedging gains.
3) Challenges included a disappointing quarter for DENA due to inability to capture optionality. However, DENA expects to realize its full-year budget.
4) Duke Energy continues reducing debt and increasing cash, made progress on legal issues,
This transcript summarizes a Duke Energy earnings call for the third quarter of 2007:
[1] Duke Energy reported ongoing diluted EPS of $0.48 for Q3 2007, an improvement over $0.29 for the same period last year, driven by higher EBIT from its major business segments.
[2] The US Franchised Electric and Gas segment saw an $82 million increase in EBIT year-over-year due to favorable weather, rate reductions ending, and higher wholesale volumes, partially offset by higher costs.
[3] Commercial Power reported higher EBIT of $121 million compared to $57 million last year, from improved margins and Midwest gas plant performance.
[4
NiSource Inc. is a utility company focused on natural gas and electric utilities. It has over 3 million customers across 9 states. In 2002, NiSource focused on strengthening its balance sheet by reducing debt, streamlining operations, and shedding non-core assets. It raised $735 million through an equity offering, using the funds to further pay down debt. NiSource maintained investment-grade credit ratings while improving transparency and adhering to new governance standards. It focused on efficiently operating its regulated gas and electric utilities to serve customers in a high-demand region from Indiana to New England.
The annual report summarizes Perini Corporation's financial results for 2005. It highlights that revenues decreased 6% to $1.73 billion due to timing shifts on some projects, but pre-tax income was impacted by a $24.9 million legal charge. Two acquisitions expanded Perini's presence and its backlog reached a record $7.9 billion due to major new project wins in gaming and hospitality. Looking ahead, the company expects continued growth from its building segment and improved margins and earnings from its civil and management service segments.
This document provides a mid-year business update from DTE Energy, including:
1) An overview of energy legislation progressing through the Michigan legislature aimed at electric choice reform, cost-of-service rates, and renewable portfolio standards.
2) Details on Detroit Edison's general rate case filing, including a requested $60 million revenue increase to recover required environmental investments and merger premium costs.
3) An outline of topics to be covered, including the legislative update, non-utility business performance, and updated earnings guidance.
This document summarizes a New York investor meeting held by Xcel Energy on November 29, 2005. The presentation outlines Xcel's strategy of investing in regulated utility assets to earn its allowed rate of return and achieve earnings growth targets. It highlights Xcel's financial performance objectives and discusses its investments in infrastructure, environmental stewardship, and supportive regulatory treatment across its utility territories. The presentation also reviews Xcel's operational focus and organizational structure.
duke energy 2Q/07_Earnings_Call_Transcript_-_Finalfinance21
This transcript summarizes a Duke Energy earnings call for the second quarter of 2007:
1) Duke Energy reported ongoing diluted earnings per share of $0.25 for Q2 2007, up from $0.24 in Q2 2006, driven by improved results across its major business segments.
2) The U.S. Franchised Electric and Gas segment saw higher earnings due to favorable weather and increased wholesale volumes, partially offset by higher costs and rate reductions.
3) Duke Energy is on track to exceed its 2007 employee earnings target of $1.15 per share and expects Q3 to be its strongest quarter due to seasonal factors.
This document provides an overview and summary of a financial conference held by Edison Electric Institute on November 8, 2005. It includes introductory remarks regarding forward-looking statements and safe harbor provisions. The document then summarizes Dick Kelly's presentation on EPS growth targets, dividend increases, and credit rating objectives for 2005-2009. It also provides highlights on rate case filings, capital expenditure forecasts, potential regulatory net income, and earnings guidance ranges.
Public Service Enterprise Group (PSEG) held an investor conference in London on March 6, 2007 to provide an overview and outlook. PSEG reported strong operating results in 2006 and an earnings guidance range of $4.60-$5.00 per share for 2007, representing over 10% growth. Key drivers for 2007 earnings included higher power prices from forward hedging, rate increases at PSE&G, and improved performance at PSEG's nuclear and fossil fuel power plants. PSEG also discussed ongoing investments in its regulated utility PSE&G to ensure continued reliable service, as well as initiatives to support New Jersey's energy master plan.
1) Public Service Enterprise Group held an investor conference on March 1, 2007 to discuss its performance and outlook.
2) PSEG reported 2006 operating earnings of $3.71 per share and provided guidance for 2007 operating earnings between $4.60-5.00 per share, representing over 10% growth.
3) Key drivers for PSEG's strong outlook included expected improved performance from its regulated utility PSE&G, its unregulated power business PSEG Power benefiting from higher energy prices and forward hedging, and continued optimization of its portfolio of assets.
Enseco is a premier supplier of directional drilling and production testing services operating in North American resource plays. It has an experienced management team and focuses on growth through increasing utilizations, margins, and its USA operations. Enseco provides directional drilling and production testing services with in-house technology and industry leading experience. It operates across Canada and the USA with a focus on oil and gas production. Enseco emphasizes safety and has improved its safety statistics and adopted a total loss management system.
This document summarizes Xcel Energy's presentation at the Banc of America Securities Energy & Power Conference on November 17-19, 2003. It discusses Xcel Energy's accomplishments in 2003, objectives for investment, earnings growth, and credit ratings improvement. It also provides guidance on projected 2003 and 2004 earnings, cash flows, utility investments, and the expected timeline for NRG's emergence from bankruptcy.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's business segments, strengths, investment merits, capital investment plans, power supply, environmental commitments, and financial performance. Projections for 2004 earnings per share and cash flow are also presented. Key points include Xcel being the 4th largest US electric and gas utility, a growing service area, low rates, and a goal of providing competitive total returns of 7-9% to shareholders.
- The document provides an earnings review for Duke Energy for the second quarter and first half of 2003, including segment earnings results and drivers.
- Key highlights include a net income of $424 million for the quarter and $649 million year-to-date, and asset sales exceeding $1.5 billion goal with expected debt reductions of $1.8 billion.
- Earnings were positively impacted by gains on asset sales but offset by lower DENA earnings due to exiting proprietary trading and unfavorable market conditions.
Duke Energy DEC_3Q04_Earnings_Reg_G_Reconfinance21
Duke Energy Corporation reported financial results for the nine months ended September 30, 2004. Special items during this period resulted in a positive earnings per share impact of $0.08. These included gains from asset sales in the first quarter and settlements in the second quarter. The third quarter included a tax benefit and asset impairments. Excluding these special items and the impact of share count changes, ongoing EPS was $1.15 compared to reported EPS of $1.22. Segment EBIT was reported for various business units. Special item adjustments were made to reconcile reported segment EBIT to ongoing EBIT for the third quarter of 2004 and the year-to-date period.
This document is an amendment to a previously filed 10-K form submitted by Duke Energy Holding Corp. to the SEC on March 22, 2007. It includes additional audited financial statements for DCP Midstream, LLC (formerly Duke Energy Field Services, LLC) as required by Rule 3-09 of Regulation S-X. The amendment provides DCP Midstream's balance sheets, statements of operations and comprehensive income, cash flows, and notes to the financial statements. It also includes signatures from Duke Energy executives and consent from an independent auditor.
The document summarizes Duke Energy's financial results for the third quarter of 2005. It reports higher earnings in the company's franchised electric, natural gas transmission, and international energy segments. It also discusses the financial impacts of Duke Energy's decision to exit its North American commercial power business. Finally, it provides expectations for 2005 ongoing earnings per share and 2007 ongoing earnings following the planned merger with Cinergy.
The document summarizes Duke Energy's first quarter 2006 earnings review presentation. It discusses Duke Energy and Cinergy's first quarter results, including higher ongoing earnings compared to the previous year for most business segments. It also discusses the companies' commitments to investors around growing earnings, achieving full portfolio value, and transparent communication. Key highlights are Duke Energy's continued progress exiting the DENA business and confidence in Cinergy contributing $800 million in ongoing EBIT for the remaining year.
This document provides an agenda and background information for a Cummins Inc. investor conference being held at the Jamestown Engine Plant. The agenda includes presentations from Cummins leadership on topics like earnings growth, emerging markets opportunities, technology capabilities, and strategic partnerships. There will also be time for Q&A and plant tours. Presenters plan to discuss how Cummins is well-positioned for sustained profitable growth through leadership in technology, global presence, and strong balance sheet/cash flows.
This document contains the prepared remarks and Q&A from Duke Energy's third quarter 2005 earnings conference call on November 2, 2005. The call covered Duke Energy's financial results for the third quarter of 2005, including segment results for franchised electric, natural gas transmission, field services, international energy, and Crescent resources. It also provided updates on Duke Energy's plans to exit its DENA business and its proposed merger with Cinergy. Key executives discussed drivers of earnings growth or declines across business segments and provided earnings guidance for the remainder of 2005.
The document is the transcript from Duke Energy Corporation's Q4 2005 earnings conference call and outlook for 2006. It includes an introduction by Julie Dill, VP of Investor Relations. Paul Anderson, Chairman and CEO, provides an overview of Duke Energy's 2005 results and progress on the merger with Cinergy. Fred Fowler, President and COO, then reviews the outlook and earnings expectations for each of Duke Energy's business units for 2006.
The document is a transcript from Duke Energy's first quarter 2007 earnings conference call.
- Duke Energy reported first quarter 2007 ongoing diluted EPS of $0.30, up from $0.21 in the prior year quarter. Results exceeded internal plans.
- Key drivers included the addition of Cinergy's regulated Midwest assets, improved results at Duke Energy International, and continued strong performance from core regulated businesses.
- Segment results were positively impacted by customer growth, favorable weather, a DOE settlement, and synergies from the Cinergy merger, partially offset by rate reductions related to merger approval requirements.
This document summarizes a New York investor meeting held by Xcel Energy on November 29, 2005. The presentation outlines Xcel's strategy of investing in regulated utility assets to earn the allowed rate of return and deliver earnings per share growth of 5-7% annually. It highlights Xcel's environmental stewardship through renewable energy initiatives and discusses regulatory support for major projects. The organizational structure and roles of key executives are also summarized.
This document summarizes a New York investor meeting held by Xcel Energy on November 29, 2005. The presentation outlines Xcel's strategy of investing in regulated utility assets to earn its allowed rate of return and achieve earnings growth targets. It highlights Xcel's financial performance objectives and discusses its investments in transmission, distribution and customer service. The presentation also provides details on Xcel's construction program, environmental stewardship initiatives, and supportive regulatory treatment across its utility territories.
Duke Energy held an earnings conference call to discuss its third quarter 2006 results. The call included prepared remarks from Jim Rogers, President and CEO, and David Hauser, CFO. Rogers noted results were below expectations due to weaker performance across most business segments compared to the prior year third quarter. Hauser provided more details on financial results, noting lower earnings in franchised electric and gas, natural gas transmission, international, and Crescent Resources segments. However, commercial power results improved due to the addition of Cinergy's nonregulated operations. Overall, Duke Energy expects to achieve its revised 2006 employee incentive target of $1.86 per share.
This document contains the prepared remarks and Q&A from Duke Energy Corporation's earnings conference call for the second quarter of 2006. Key points:
- Duke Energy reported ongoing EPS of $0.43 compared to consensus of $0.38.
- Financial results were impacted by mild weather, lower bulk power sales, and purchase accounting charges from the Cinergy merger.
- The company achieved several strategic objectives in the quarter including closing the Cinergy merger early and announcing the sale of the Commercial Marketing and Trading business.
- While some business units are performing ahead of plan, overall the company is on track to achieve its $1.90 EPS target for 2006.
The document reviews Duke Energy's 2005 financial results, provides an outlook for 2006 earnings per share of $1.90, and details expected 2006 capital expenditures of $4.325 billion as the company integrates Cinergy operations following their planned merger. Key assumptions for 2006 include normal weather, sales growth, and $140 million in annual merger savings beginning in mid-2006.
This document summarizes Duke Energy's and Cinergy's first quarter 2006 earnings conference call. David Hauser, Duke Energy's CFO, discussed the financial results of both companies. For Duke Energy, earnings per share were $0.48, up from the prior year. Segment EBIT increased across most business units due to factors like customer and volume growth. For Cinergy, ongoing earnings per share were $0.62, up slightly from the prior year, while reported earnings were $0.39 due to merger costs. Hauser provided an overview of key financial metrics and outlook for both companies.
The document summarizes the annual general meeting of ZBB Energy Corporation shareholders. It discusses ZBB's forward-looking business statements and risks, introduces the chairman and board of directors, highlights the strong management team, provides an overview of the chairman's address which outlines the company's key projects and partnerships in 2008, and summarizes the results of the shareholder vote to elect directors and appoint auditors.
The 2006 annual report summarizes Duke Energy's accomplishments in merging with Cinergy, reducing risk through asset sales, and establishing goals for 2007 focused on establishing a unified culture and identity, optimizing operations, and achieving balanced public policy outcomes while delivering earnings and dividend growth.
The annual shareholder meeting covered El Paso Electric's (EE) leadership transitions, 2012 financial and operational accomplishments, renewable energy initiatives, and 1st quarter 2013 highlights. Two new directors were elected to EE's board in 2012. EE distributed $38.9 million in dividends in 2012 and increased its credit facility to $300 million. EE was recognized for its emergency response efforts and ranked as the most reliable utility in Texas for the second year in a row. EE also expanded its renewable energy capacity through new solar projects. Earnings per share increased in the 1st quarter of 2013 compared to the prior year.
The annual shareholder meeting covered El Paso Electric's (EE) leadership transitions, 2012 financial and operational accomplishments, renewable energy initiatives, and 1st quarter 2013 highlights. Two new directors were elected to EE's board. EE distributed $38.9 million in dividends, increased its credit facility, and refinanced bonds, saving $1.1 million annually. EE received an emergency assistance award and was the most reliable Texas utility. Palo Verde Unit 2 set a new performance record. EE expanded its solar portfolio to over 5.5% of capacity. First quarter 2013 earnings per share increased to $0.19 from $0.08 in 2012.
The document summarizes a presentation given by Joseph P. O'Leary and Steven P. Eschbach at a Mid-Cap Utility Conference on March 25, 2008. It discusses Integrys Energy Group's goals of delivering long-term shareholder value and earnings growth. It provides an overview of Integrys' regulated utility businesses, the progress of integrating Peoples Energy, capital investment programs, and financial outlook. Guidance is given for 6-8% annual EPS growth and a projected 2008 EPS range of $3.33-$3.78.
public serviceenterprise group analystday pres0307finance20
PSEG presented an overview of its strategic positioning and outlook for 2007 and beyond. Key points include:
- PSEG's businesses of PSE&G, PSEG Power, and PSEG Energy Holdings provide opportunities for growth in their respective markets through operational excellence and financial discipline.
- PSE&G is positioned for growth through its strong operational performance, constructive regulatory environment, and opportunities from New Jersey's energy policy initiatives.
- PSEG Power is well positioned to provide strong growth through its nuclear and fossil fleet performance and growth opportunities in tight capacity markets and from environmental policies.
- PSEG Energy Holdings aims to improve returns and reduce risk through its diverse international and Texas assets while creating opportunities to
public serviceenterprise group analystday pres0307finance20
PSEG presented an overview of its strategic position and outlook for 2007 and beyond. Key points include:
- PSEG's businesses of PSE&G, PSEG Power, and PSEG Energy Holdings provide opportunities for growth in their respective markets through operational excellence and financial discipline.
- PSE&G is positioned for growth through its strong operational performance, constructive regulatory environment, and opportunities from New Jersey's energy policy initiatives.
- PSEG Power is well positioned to provide strong growth through its nuclear and fossil fleet performance and growth opportunities in tight capacity markets and from environmental policies.
- PSEG Energy Holdings aims to improve returns and reduce risk from its diverse international and Texas assets while providing opportunities to
Pepco Holdings, Inc. held an analyst conference on October 5-6, 2004 to discuss the company's performance. The presentation included an overview of PHI's businesses, strategy, and corporate governance practices. It noted PHI has $7.1 billion in revenues and focuses on its regulated electric and gas delivery business, which accounts for 72% of operating income. The Power Delivery segment was discussed, which includes the transmission and distribution of electricity to 1.8 million customers across several mid-Atlantic states.
- Pepco Holdings provided its first annual report after merging Pepco and Conectiv in August 2002.
- In 2002, PHI earned $210.5 million, or $1.61 per share, on $4.3 billion in revenue. Excluding merger costs, earnings were $1.74 per share.
- The letter discusses the company's regulated utility and competitive energy businesses, noting stable earnings from utilities and growth potential from competitive businesses. It encourages shareholders to vote and thanks them for their confidence and investment.
- Duke Energy held a conference call to discuss its Q4 2006 earnings. The call included the Chairman & CEO, CFO, and other executives.
- Q4 2006 ongoing diluted EPS was $0.43, flat compared to Q4 2005. Full year 2006 ongoing diluted EPS increased 5% to $1.81.
- Results were driven by additions from the Cinergy merger, partially offset by lower results at Crescent Resources.
- Going forward, Duke Energy expects ongoing EBIT of $200 million from its Commercial Power business in 2007. Regulated capital expenditures will primarily focus on the Carolinas and Indiana jurisdictions.
This document is the annual report of The Peoples Gas Light and Coke Company (PGL) for the year ended December 31, 2007. PGL is a regulated utility formed in 1855 that purchases, stores, distributes, sells and transports natural gas to approximately 830,000 customers through its distribution system in Chicago. In February 2007, PGL became a wholly-owned subsidiary of Integrys Energy Group following Integrys' acquisition of PGL's former parent company, Peoples Energy Corporation. The report provides information on PGL's business operations, financial performance, risks, properties and other disclosures.
ConAgra Foods is selling its chicken business to focus on branded and value-added food items. The sale includes chicken processing operations and will generate cash for ConAgra to reinvest. ConAgra will receive Class A shares in Pilgrim's Pride, the chicken company acquiring its business, representing 7% of voting shares and 49% of equity. It can sell up to 1/3 of these shares annually but expects to reduce ownership over time based on market conditions. ConAgra will also receive notes from Pilgrim's Pride due in 2011 with a 10.5% interest rate to be paid semi-annually.
This document summarizes the Q1 FY2004 earnings results of a large packaged foods company. Key points include:
- Q1 EPS was $0.37 compared to $0.43 in Q1 FY2003, impacted by various one-time gains and losses.
- Packaged foods sales were down $168M excluding divested businesses, with a 5% volume decline.
- Several major brands saw growth, while others like Butterball declined.
- Corporate expenses increased due to litigation expenses from a past joint venture.
- The effective tax rate for FY2004 is estimated at 38%.
ConAgra Foods is selling its United Agri Products business to focus on branded and value-added products, as part of a broader strategy of divesting non-core businesses over the past year including fresh beef/pork, canned seafood, and cheese operations. The sale is expected to close by December 31, 2003 for cash and $60-75 million in preferred stock. ConAgra will retain some international UAP operations generating $250 million in annual sales, concentrated in several countries. Proceeds will be used for debt paydown and general corporate purposes including acquisitions and stock buybacks.
ConAgra Foods divested its poultry business to focus on branded, value-added foods with strong margins and growth. The $300 million cash and 25 million Pilgrim's Pride shares valued at $245 million totaled less than the poultry business' estimated $545 million book value due to the shares being valued based on past prices, not current prices. ConAgra Foods can sell up to 1/3 of the shares each year and account for shares eligible for resale within a year as securities, and other shares using cost accounting. The poultry business was previously reported in Meat Processing but is now in Discontinued Operations.
ConAgra Foods completed the divestiture of its chicken processing and crop inputs businesses, finalizing its strategy to focus on branded, value-added food opportunities. The company received $300 million in cash and 25 million shares of Pilgrim's Pride stock worth $245 million for the chicken business. ConAgra can sell up to 1/3 of the Pilgrim's Pride shares per year and will account for the shares as securities held for resale within one year or using the cost method if the eligibility for resale is over one year away. The chicken business was previously reported as part of ConAgra's Meat Processing segment but is now in Discontinued Operations.
ConAgra Foods has divested several commodity businesses and acquired branded and value-added food products to focus on higher margin businesses. The company is planning a share repurchase program using cash from strong operating cash flows and recent divestitures. ConAgra expects to continue investing in growth through acquisitions and paying down debt while deploying cash to dividends, debt repayment, and share repurchases as appropriate.
The document provides a Q&A summary of ConAgra Foods' financial results for Q2 FY04 compared to Q2 FY03. Key points include:
- Q2 FY04 diluted EPS was $0.51 compared to $0.44 in Q2 FY03, impacted by $0.04 in discontinued operations in FY04 and $0.03 in divestiture expenses in FY03.
- Sales comparability was impacted by $506M in divested fresh meat businesses in FY03 and $154M in divested canned food businesses in FY03.
- Examples of brand sales growth included Banquet, Chef Boyardee, Egg Beaters
Packaged Foods sales increased 4% excluding divestitures, with 2% volume growth. Several brands posted sales growth including Armour, Banquet, and Blue Bonnet, while others like ACT II and Butterball declined. Sales comparability was affected by $155 million in divested businesses last year. Operating profit grew 5% in Packaged Foods and 10% overall when adjusting for divested businesses and cost savings initiatives. The company is implementing cost cutting measures expected to save more than implementation costs in the future.
The document provides the quarterly and annual financial results for a company. Some key highlights include:
- Several consumer brands posted sales growth for the quarter including Banquet, Blue Bonnet, and Chef Boyardee, while others like ACT II and Eckrich saw declines.
- Total depreciation and amortization was around $93 million for the quarter and $352 million for the fiscal year.
- Capital expenditures were around $106 million for the quarter and $352 million for the fiscal year.
- Net interest expense was $80 million for the quarter and $275 million for the fiscal year.
- Corporate expenses were around $95 million for the quarter and $342 million
- Major brands in the Retail Products segment that posted sales growth included ACT II, Armour, Banquet, and Blue Bonnet. Brands that posted sales declines included Healthy Choice, Slim Jim, and Snack Pack.
- Retail volume increased 8% while foodservice volume was flat excluding divested businesses.
- Increased input costs negatively impacted operating profits in the Retail Products segment by approximately $45 million.
- Capital expenditures were approximately $105 million, reflecting increased investment in information systems.
This document contains the questions and answers from ConAgra Foods' Q2 FY2005 earnings call. Some key details include:
- Several major brands in the Retail Products segment posted sales growth, while others saw declines.
- Retail volume increased 7% and Foodservice volume decreased 1% excluding divested businesses.
- Capital expenditures increased significantly year-over-year due to investments in information systems.
- The company received proceeds from the sale of its minority interest in Swift Foods and shares of Pilgrim's Pride stock.
This document summarizes the Q3 2005 earnings results of a major food company. Some key highlights include: 1) Major brands in the Retail Products segment saw mixed sales results, with growth for brands like Chef Boyardee but declines for brands like Butterball. 2) Unit volumes declined 3% for Retail Products but increased 4% for Foodservice Products. 3) The packaged meats operations were slightly profitable but profits were over $45 million lower than the previous year. The company expects some improvement but not year-over-year profit gains for packaged meats in Q4.
This document summarizes ConAgra Foods' earnings results for fiscal year 2005 (FY05) in a question and answer format. Some key details include:
- FY05 diluted EPS was $1.23, including $0.12 in expenses that impacted comparability.
- Major brands in the Retail Products segment that saw sales growth included ACT II, Banquet, and Blue Bonnet. Brands that saw declines included Armour and Butterball.
- Retail Products volume increased 2% while Foodservice Products volume decreased 2% in Q4.
- Total depreciation and amortization was approximately $351 million for FY05 and $90 million for Q4. Capital expenditures
The document provides the questions and answers from the Q1 FY06 earnings call for ConAgra Foods. Some key details from the summary include:
- Sales grew for major brands like Butterball but declined for brands like ACT II. Retail Products volume declined 3% while Foodservice increased 4%.
- Depreciation and amortization was $89 million. Capital expenditures were $71 million and net interest expense was $68 million. Corporate expense was $73 million.
- Gross margin was 21.6% and operating margin was 10.9%. The effective tax rate for FY06 is estimated to be 36%.
Major brands in the Retail Products segment that posted sales growth included ACT II, Blue Bonnet, Butterball, Kid Cuisine, Marie Callender's, Reddi-wip and Ro*Tel. Brands that posted sales declines included Armour, Banquet, Cook's, DAVID, Eckrich, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, LaChoy, Orville Redenbacher, PAM, Parkay, Peter Pan, Slim Jim, Snack Pack, Swiss Miss, Van Camp's and Wesson. Retail Products volume declined 5% for the quarter while Foodservice Products volume increased 2%. Corporate expense for the quarter was approximately $103 million
The document provides financial information from ConAgra Foods' Q3 FY06 quarterly earnings call. Some key details include:
- Retail segment sales grew 4% and Foodservice grew 1% over the prior year. Several major brands posted sales growth while others declined.
- Gross margin was 24.8% and operating margin was 12.5% for the quarter.
- Net debt was $3.6 billion, down from $4.5 billion a year prior due to debt repayment of $500 million during the quarter.
- Capital expenditures for the quarter and fiscal year-to-date were below prior year levels. Projected fiscal year expenditures are up to $400
- Major brands in the Consumer Foods segment that posted sales growth in Q4 FY06 included Blue Bonnet, Chef Boyardee, DAVID, Egg Beaters, Hebrew National, and Hunt's. Brands that posted sales declines included ACT II, Banquet, Healthy Choice, Peter Pan, Slim Jim, Snack Pack, and Van Camp's.
- Consumer Foods volume declined 2% in Q4 while Food and Ingredients volume increased 1%.
- Total depreciation and amortization for Q4 was approximately $85 million and approximately $353 million for all of FY06. Capital expenditures were approximately $92 million for Q4 and $288 million for FY
This document summarizes the Q1 FY07 financial results of ConAgra Foods. Some key highlights include:
- Consumer Foods volume increased 1% and Food and Ingredients volume increased 2% in Q1.
- Gross margin was 24.7% and operating margin was 11.7% for the quarter.
- Net debt decreased to $2.88 billion from $3.97 billion in Q1 FY06.
- Restructuring charges totaled $39 million pre-tax, impacting costs in Consumer Foods and corporate expenses.
Major brands in the Consumer Foods segment that posted sales growth included Egg Beaters, Healthy Choice, and Slim Jim. Brands that posted sales declines included ACT II and Blue Bonnet. Total depreciation and amortization from continuing operations was $88 million for the quarter and $177 million year-to-date. Capital expenditures were $66 million for the quarter and $111 million year-to-date. Net interest expense was $52 million for the quarter and $110 million year-to-date.
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others like ACT II and Banquet saw declines. Overall, Consumer Foods volume declined 1% excluding divested businesses.
2) Total depreciation and amortization from continuing operations was around $91 million for the quarter and $268 million year-to-date. Capital expenditures were around $147 million for the quarter and $258 million year-to-date.
3) The company's net debt at the end of the quarter was around $3 billion, with a net debt to total capital ratio of 39%.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
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Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
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China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Budgeting as a Control Tool in Government Accounting in Nigeria
Being a Paper Presented at the Nigerian Maritime Administration and Safety Agency (NIMASA) Budget Office Staff at Sojourner Hotel, GRA, Ikeja Lagos on Saturday 8th June, 2024.
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The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
1. PREPARED REMARKS AND Q&A
Q2 2005 Duke Energy Corporation Earnings Conference Call August 3, 2005
CORPORATE PARTICIPANTS Corporate Controller, and Lindsay Hall, our Treasurer will also be
available to answer your questions today.
Julie Dill
Duke Energy - VP of Investor & Shareholder Relations
Today’s call will include a review of the second quarter results for
Paul Anderson
2005.
Duke Energy - Chairman & CEO
David Hauser Before we begin with our prepared remarks let me read to you the
Duke Energy - Group VP & CFO Safe Harbor Statement.
Fred Fowler
Duke Energy - President & COO Some of the things we will discuss in today's
call concerning future company performance
Rich Osborne
will be forward-looking statements within
Duke Energy - Group VP, Public and Regulatory Policy
the meaning of the securities laws. Actual
results may materially differ from those
CONFERENCE CALL PARTICIPANTS discussed in these forward-looking
statements, and you should refer to the
Dan Eggers
additional information contained in our
CS First Boston - Analyst
second quarter 2005 earnings release filed
Paul Fremont
with the SEC on Form 8-K and other SEC
Jefferies & Company - Analyst
filings concerning factors that could cause
Maureen Howe
those results to be different than
RBC Capital Markets - Analyst
contemplated in today’s discussion.
Paul Patterson
Glenrock Associates - Analyst Since we do anticipate questions surrounding our proposed merger
with Cinergy, I would ask you to please refer to the S-4 filing of
Marc Minikes
Duke Energy Holding Corporation on file with the Securities and
Citigroup - Analyst
Exchange Commission for factors and risks related to the merger.
Ashar Khan
SAC Capital – Analyst
In addition, today’s discussion includes certain non-GAAP
Stephen Dafoe financial measures as defined under SEC Regulation G. A
Scotia Capital - Analyst reconciliation of those measures to the most directly comparable
Keith LaRose GAAP measures will be made available on our investor relations
Bradley, Foster & Sargent – Analyst website at: www.duke-energy.com.
Following our prepared comments we will open the lines for your
questions.
PRESENTATION
With that I‘ll turn the call over to Paul.
Paul Anderson - Duke Energy - Chairman & CEO
Operator
Good morning.
Good day, everyone, and welcome to the Duke Energy second-
quarter earnings conference call. Today's call is being recorded. At
This morning we reported earnings of 33 cents per basic share for
this time for opening remarks I would like to turn the call over to
the second quarter of 2005, which included 2 cents per share in
the Vice President of Investor and Shareholder Relations for Duke
special items. Ongoing earnings were 31 cents per basic share this
Energy, Ms. Julie Dill. Please go ahead.
quarter compared with 42 cents per basic share last year and the
street’s expectation of 38¢.
Julie Dill - Duke Energy - VP of Investor Relations
While we may have fallen short of the street’s expectations for the
Good morning and thank you for joining us today. With me are quarter, we did not fall short of our own expectations. The
Paul Anderson – Chairman and CEO, David Hauser – Group Vice company’s results as a whole are on plan with respect to where we
President and Chief Financial Officer and Fred Fowler – President thought we would be at this point in the year. For the full year
and Chief Operating Officer. In addition, Rich Osborne – Group
Vice President for Public and Regulatory Policy, Steve Young –
1
2. PREPARED REMARKS AND Q&A
Q2 2005 Duke Energy Corporation Earnings Conference Call August 3, 2005
2005, I am very comfortable in our ability to achieve our incentive end of the first quarter but we anticipate reaching our annual goal
target of $1.60 per basic share. of no more than a $150 million ongoing segment EBIT loss
provided we see hot summer weather. It seems we are off to a
If you look at the comparison with the second quarter of last year, good start as during the month of July, every plant in DENA was
a number of unusual events that we did not consider special items dispatched at some point during the month.
had a positive impact on 2004 EBIT results that were not repeated
this quarter. These include a particularly attractive transaction at International Energy continues to deliver solid earnings. This
Crescent for $45 million, a $24 million positive mark-to-market quarter’s results were up 26% and benefited from our National
impact at DENA and a $17 million favorable resolution of tax Methanol business, solid operations in Brazil and favorable foreign
issues at Gas Transmission. In addition, results for 2004 benefited exchange. International Energy is operating smoothly and we still
from a $52 million release of tax reserves. expect to see ongoing annual segment EBIT growth in the range of
2 – 3% over the 2005 to 2007 timeframe. However, in 2005
International Energy is now expecting to have an exceptional year
Our major operating disappointment this quarter was associated
as a result of improved Latin American operations, higher prices at
with the effect of mild weather in the second quarter on electricity
sales here in the Carolinas and in California. Weather alone had a our National Methanol business and favorable foreign currency
negative 5¢ impact on the quarter. Based on the weather we exchange.
experienced in July, we would expect to reverse this impact in the
third quarter. Crescent Resources’ results were lower for the quarter primarily
due to a large transaction contributing about $45 million in EBIT
In addition to the effect of mild weather, Franchised Electric’s in the prior year’s quarter. While this quarter did not have a
results for the quarter were down due to higher planned O&M comparable transaction, the expectations for the full year are far
costs, which have been in the program for some time. We expect exceeding our original plan. The real estate market for commercial
segment EBIT for 2005 to be flat, or slightly below, 2004’s results. and multi-family properties continues to be strong and we expect
Franchised Electric remains on target to meets its segment EBIT Crescent to deliver another year of outstanding results. Segment
growth target of 0 to 2% for the 2005 to 2007 time period. EBIT from continuing operations and discontinued operations for
2005 is expected to be at or above comparable results for 2004,
which were approximately $250 million.
Natural Gas Transmission delivered solid results this quarter.
Reported segment EBIT was down about $9 million from the prior
year, which included a $9 million gain on the sale of assets and A $39 million decrease in interest expense also helped offset lower
also benefited from a favorable tax resolution for approximately earnings for the quarter.
$17 million. Barring these two items, results would have been up
6%. Natural Gas Transmission continues to expect its ongoing We’ve always touted the portfolio effect of our different
annual EBIT growth rate to be in the range of 3 – 5% for the 2005 businesses and it’s times like this where you can see the benefit of
to 2007 time period. The recent transfer of Field Services’ our combination of assets and geographic diversity. The
Canadian assets and acquisition of the Empress system from anticipated merger with Cinergy will build on this portfolio effect
ConocoPhillips will contribute to the earnings growth of our by increasing earnings from regulated sources but in a different
natural gas transmission business and will put us at the high end of geographic region. I’ll update you on the merger at the end of our
this range for 2005. presentation.
Our Field Services business continues to see an increase in With that, let me turn the call over to David to review our results in
earnings as a result of strong prices for natural gas liquids. more detail.
Segment results for the second quarter increased 75% over last
year. A key event for our Field Services business was the change
David Hauser - Duke Energy - Group VP & CFO
in ownership to a 50/50 partnership with ConocoPhillips in early
July. As a result of this transaction, we have to change how we
Thank you, Paul. Paul gave you the overview for the quarter so let
account for this segment and I’ll let David walk you through those
me move on to the details by business unit.
details and where we expect we’ll end up at the end of 2005.
Segment EBIT for Franchised Electric was $274 million in the
Duke Energy North America reported an EBIT loss from
second quarter of 2005 compared with $338 million for the second
continuing operations of $56 million this quarter. The losses at
quarter of 2004. As Paul mentioned earlier, results for the quarter
DENA were primarily due to lower margins on energy sales as a
were negatively affected by milder than normal weather and higher
result of weak weather in the West, as I mentioned earlier, and
operating and maintenance expenses of approximately $48 million
losses in our gas marketing business. As we’ve discussed before,
related primarily to an additional planned nuclear outage, higher
DENA’s earnings profile is seasonal and the third quarter is key to
right-of-way maintenance expenses and higher storm costs
reaching our full year goal. We’re not as bullish as we were at the
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3. PREPARED REMARKS AND Q&A
Q2 2005 Duke Energy Corporation Earnings Conference Call August 3, 2005
compared with 2004. The decrease in segment EBIT for the Field Services reported segment EBIT of $166 million for the
quarter was partially offset by improved bulk power marketing second quarter 2005 compared with $95 million for the same
sales. In addition to increased sales, the improvement in bulk period last year. Second quarter's results included a special item
power marketing results was driven by a $27 million charge totaling $22 million related to the de-designation of hedges which
recorded in the second quarter 2004 related to the commencement took place in the first quarter. This amount is the portion of the
of the profit-sharing program with customers in North Carolina charge taken in the first quarter that relates to hedge contracts that
and South Carolina. actually settled in the second quarter. We will continue to adjust
Field Services' reported earnings in the third and fourth quarters by
As we told you last quarter, we expect total O&M for 2005 to be $38 million and $35 million, respectively, to reflect the impact of
about $50 million higher than last year. We have already hedge settlements as they occur.
recognized all of this higher O&M in the first half of 2005.
Results for the quarter benefited from strong commodity prices for
Regulatory amortizations totaled $70 million for the second quarter NGLs but were partially offset by higher operating expenses
of 2005 compared with $69 million last year. We expect the North primarily related to pipeline integrity work and the absence of
Carolina Clean Air amortization for the full year 2005 to be earnings from TEPPCO, which was sold in the first quarter.
approximately $300 million.
The weighted average NGL price for the second quarter 2005 was
While the average number of customers increased 2%, or 75 cents per gallon compared to 61 cents per gallon in second
approximately 42,000, over the second quarter last year, overall quarter 2004.
sales suffered as a result of mild weather in the region. Cooling
degree days were more than 37% lower compared to last year’s Now that we have closed on our 50/50 joint venture with
quarter. ConocoPhillips, you will see a number of accounting changes in
the prospective financial results. With the move from a majority
Industrial sales to non-textile customers have continued to show interest to a 50% interest, we are required to deconsolidate Field
steady growth, up 2% over the second quarter last year. Sales to Services from Duke Energy’s financials.
textile companies in our service territory continued to decline.
Year to date there have been 15 plant closings largely due to the Earnings from this business will now be recorded as equity
expiration of tariffs that previously protected this industry from earnings and the investment in Field Services will now be reflected
Chinese imports. on the balance sheet in the line item “Investments in
unconsolidated affiliates”. We have provided in a Duke Capital 8-
K filed on July 11th the pro-forma effect of deconsolidating Field
I also want to draw your attention to the capital expenditures this
quarter. We will now be including our clean air expenditures in Services for 2004 and for the quarter ended March 31, 2005.
our capital expenditures number. The prior year has been revised
to reflect this change as well. Please be aware that this is not the Now that we have closed this transaction, we wanted to provide an
amortization amount but actual expenditures related to the same update to our earnings expectations for 2005. Field Services
legislation. delivered $295 million in ongoing EBIT for the first half of the
year. For the second half of 2005, we expect to see ongoing equity
Now let’s move on to Natural Gas Transmission. earnings for our 50% interest in Field Services of approximately
$200 million, which is not adjusted for the remaining recognition
Natural Gas Transmission delivered $302 million in segment EBIT of the de-designated hedges equaling a negative $73 million. Keep
for the quarter compared with $311 million for the second quarter in mind this $200 million is also net of interest expense due to our
2004. Ongoing segment EBIT was flat for the second quarter. change in accounting.
Results would have shown an improvement if you also excluded
the tax benefit of $17 million from last year’s results. Because we are 80% economically hedged on our NGL
production, the earnings sensitivity to a 1 cent per gallon move in
Favorable changes in the Canadian currency of approximately $9 NGL prices equates to $5 million in equity earnings over the
million and increased segment EBIT from U.S. pipeline expansion second half of the year, but will be partially offset by
projects of approximately $4 million both benefited results for the approximately $4 million in the Other EBIT line.
quarter.
So now let’s move on to DENA.
As you may have read, our pipeline business has had a number of
recent announcements and Fred will cover these in just a moment. Duke Energy North America (DENA) ended the quarter with an
ongoing segment EBIT loss of $56 million compared with a $28
Next up is Field Services. million ongoing segment EBIT loss in the same period last year.
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4. PREPARED REMARKS AND Q&A
Q2 2005 Duke Energy Corporation Earnings Conference Call August 3, 2005
Results for the quarter were down as a result of lower generation Now I’ll move on to Other EBIT.
sales due to mild weather in the West and losses related to the
current weakness in the gas transportation business which Other EBIT, which largely represents the cost of corporate
resulted in lower margins in 2005 versus 2004. Generation sales governance at Duke Energy, also includes the change in mark-to-
in the West were down about 27% for the quarter. market value of the de-designated hedges from Field Services
which we discussed last quarter. On a reported basis, Other EBIT
Also contributing to lower results was the absence of $24 million, was an $88 million expense for the second quarter of 2005
or $22 million before minority interest, in mark-to-market gains compared with a $26 million expense for the same period last year.
on disqualified hedges recognized in the second quarter of 2004. Last year’s results included a $21 million gain related to the Enron
As you know, by the end of 2004 we had mitigated the earnings bankruptcy settlement and a $7 million loss on asset sales.
volatility associated with these hedges. DENA’s continued
progress on reducing operating and G&A costs partially offset Included in this quarter's results is a $7 million gain classified as a
these lower results. special item relating to the change during the second quarter in the
mark-to-market value of the 2005 DEFS hedges that have not
Let me take a minute to address some confusion surrounding our settled as of June 30th. On a year-to-date basis, these hedges have
anticipated merger with Cinergy and how the transaction will be deteriorated by $47 million. This amount is classified as a special
accounted for through purchase accounting. According to GAAP item and will net to zero by year end as the 2005 hedges actually
standards, the acquiring company, in this case Duke Energy, settle. The difference between the actual 2005 hedge settlement
would only record changes in value related to the acquired value and the value at the time of de-designation is recorded as an
company’s assets, or Cinergy’s assets. We would not record any ongoing item as settlements occur. To date this amount is $6
change in value related to DENA’s assets or trading book, or any million in expense.
other of Duke Energy’s assets.
The mark-to-market change related to the 2006 contracts was a $22
Now let me move on to International Energy. million loss in the second quarter and is included in ongoing
earnings. Any moves, both positive and negative, in the mark of
International Energy’s segment EBIT from continuing operations this position in future quarters will also be included in ongoing
was $86 million in the second quarter of 2005. This compares earnings.
with $68 million in segment EBIT from continuing operations last
year. We also recognized a charge related to increased liabilities
associated with mutual insurance companies during the quarter.
We are very pleased with the results from our international
operations. This quarter’s results benefited from strong prices at I believe it's important to note that even with the year-to-date
our National Methanol business and our operations in Brazil impact of the mark-to-market movement on the 2006 hedges,
benefited from higher volumes, although at lower prices, and a which are included in our ongoing numbers, we are on plan for our
favorable move in the valuation of the Brazilian real. earnings expectations for the year. We have absorbed, year-to-
date, approximately $78 million associated with these 2006
Next up is Crescent Resources. hedges.
Crescent Resources, our real estate business, delivered segment EBIT Guidance
EBIT from continuing operations of $39 million for the second Ongoing Other EBIT is still expected to be about $200 million in
quarter of 2005 compared to $87 million for the same quarter last net expenses, excluding any changes due to mark-to-market
year. Last year’s second quarter benefited from a $45 million fluctuations on the de-designated hedges as we have no way of
positive EBIT impact related to a sale of commercial property in estimating what that variance would be at this time.
the Washington DC area.
Now let me move on to briefly review some other income
Let me also point out that even with the strong sales we saw last statement and balance sheet items.
year and our expectations for the remainder of 2005, Crescent’s
portfolio of properties is growing. The current book value of their Duke Energy’s consolidated debt balances are $464 million lower
real estate portfolio is approximately $1.3 billion, compared to from year-end 2004. Total debt at the end of the second quarter
$1.1 billion at the end of 2004. was just under $18.4 billion. Included in this amount is
approximately $2.25 billion of debt belonging to Field Services
I’d also like to point out that Crescent’s forecasted capital which will be deconsolidated in our third quarter reports as a result
expenditures have been increased from $475 million to $625 of the change in ownership to a 50/50 partnership with
million for 2005. ConocoPhillips.
4
5. PREPARED REMARKS AND Q&A
Q2 2005 Duke Energy Corporation Earnings Conference Call August 3, 2005
For interest expense, Duke Energy reported a $39 million I’d like to review some of the business activities we’ve been
reduction from last year, from $336 million in second quarter 2004 focusing on over the past few months.
to $297 million in second quarter 2005. This reduction is the
direct result of the debt reductions which took place over the last Ruth Shaw, president and CEO of our Duke Power business, held
year. We continue to expect interest expense for the full year 2005 an investor chat in June that covered in detail the operations of
to be approximately $1.1 billion. Duke Power and their future expectations. I would encourage you
to listen to a replay of the call for an in-depth review of that
The effective tax rate for the second quarter was approximately business.
33%. As a result of the Jobs Creation Act and its impact on taxes,
our Franchised Electric business will have a reduction to income However, there are a couple of things I would like to mention
tax expense of approximately $10 million this year. This will about the power company.
negatively affect Duke Power’s segment EBIT by about $15
million in 2005 as we must consider this impact on our return on On July 22nd, Duke Power filed with FERC to amend its Open
equity calculations. Access Transmission tariff and implement a system by which an
Independent Entity would be retained to give users of the grid
Cash and cash equivalents along with short-term investments additional confidence that decisions affecting them are made
totaled approximately $2.05 billion at the end of the second independently and fairly. The proposed changes have a relatively
quarter. Had the change in ownership for Field Services occurred modest price tag and address certain of FERC’s concerns but
on June 30th, cash, cash equivalents and short-term investments functional control of the grid is left under the jurisdiction of the
would have been about $90 million higher, or $2.14 billion. The state regulators.
important distinction being that the $2.14 billion is now directly
available to Duke Energy. Our customers set a new all-time record last week with peak
demand of 18,687 megawatts. Our generation and distribution
While Duke Energy retired the 30 million shares associated with systems performed exeremely well in meeting our customers’
the share buyback in the first quarter of 2005, Merrill Lynch is still needs.
in the market repurchasing these shares and will continue to do so
until mid-November. As of July 31st they had repurchased 20.4 Even with record demand across our region, we have adequate
million shares. An additional 2.6 million shares were repurchased supplies of coal to meet projected demand. Generally, Duke
on or before May 6th under a separate agreement with Merrill. We Power contracts for up to 2-3 years for varying percentages of our
suspended any further repurchases under this second agreement coal supply. We currently have commitments for 100% of our
when we announced the proposed merger with Cinergy. projected coal needs for 2005 and more than 75% contracted for
2006. As of July 28th, we had 2 million tons of coal on hand,
Next I’d like to address the legal structure anticipated with the which is about a 28-day supply.
Duke/Cinergy merger.
In Natural Gas Transmission, the Maritimes & Northeast Pipeline
We have received numerous calls from the financial community reported a strong response to its open season for the 2007-2008
asking about the restructuring associated with the merger that we timeframe. As a result, two new precedent transportation
have outlined in several regulatory filings. At issue is the agreements were finalized with two major energy companies,
language surrounding step 5 in the restructuring process which Anadarko and Repsol, for a total capacity of more than 1.5 billion
says “Holdco assumes, or becomes co-obligor on, the senior cubic feet per day. Gas supplies for these contracts will be from
unsecured long-term debt of Duke Power LLC.” the proposed LNG terminals planned by each company.
Transportation services are planned for 2008.
Without walking you through all of the details, let me assure you
that it is Duke Energy’s intent to remain obligated at the Duke In addition, our Algonquin pipeline recently filed an application
Power level for the existing senior unsecured debt of Duke Power with FERC to build a 16-mile pipeline that will connect a proposed
and for the servicing of this debt to occur at Duke Power. deepwater LNG project to Algonquin’s system. This LNG project
is being proposed by Excelerate Energy. The new pipeline will
This concludes my prepared remarks and now I will turn the call have a capacity of 800,000 MMBtu per day with an in-service date
over to Fred Fowler. expected in 2007.
Our total investment to support the addition of LNG supplies could
Fred Fowler - Duke Energy - President & COO
be as much as $1 billion over the next few years. This investment
would be in the form of incremental expansions of our existing
Thank you, David. asset base.
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6. PREPARED REMARKS AND Q&A
Q2 2005 Duke Energy Corporation Earnings Conference Call August 3, 2005
In June, the Gulfstream pipeline began flowing 350,000 MMBtu
per day of natural gas to FPL under a long-term firm transportation Our international operations continue to improve their returns and
contract. Gulfstream also contracted additional firm capacity of our marketing teams in Brazil continue to have success in
50,000 MMBtu per day to Progress Energy. These contracts bring contracting available capacity. We remain contracted for 100% of
Gulfstream’s contracted capacity to 700,000 MMBtu per day out our available capacity for 2005 and we are now 84% contracted for
of a total available capacity of 1.1 Bcf per day. 2006.
We are also studying the formation of a Canadian income trust for Let me turn the call over to Paul for his closing remarks.
a portion of our Canadian assets. We are in the very early stages
of evaluation and no decisions have been made yet.
Paul Anderson - Duke Energy - Chairman & CEO
The most notable event for Field Services was that in July we
Thank you, Fred.
closed on the change in ownership of Duke Energy Field Services
with ConocoPhillips. We sold a 19.7% stake to ConocoPhillips
Overall, I am very satisfied with the quarter. We are delivering on
which brings our ownership to a 50/50 split.
our plan and we have taken significant strides in optimizing our
portfolio by closing on the change in ownership of Field Services
We are also evaluating opportunities to launch a master limited
and announcing the proposed merger with Cinergy.
partnership within the Field Services business later this year. Field
Services has already identified a number of existing assets that are
Let me give a brief update on where we are in the merger process.
appropriate for an MLP structure. Once in place, the MLP would
To date, we have filed for regulatory approval from all five states:
then be in position to buy third party assets to add to that portfolio.
Indiana, Ohio, North Carolina, South Carolina and Kentucky. On
the federal level, we filed the preliminary draft of the S-4 with the
For our DENA business, we spoke to you at the beginning of the
Securities and Exchange Commission on June 30th; and, we
year on what it would take to improve DENA’s earnings. It
submitted information required under the Hart-Scott-Rodino Act
basically came down to three items: Increased generation sales,
and filed for approvals with FERC on July 12th. We still need to
lower operating and G&A costs and the rebuilding of our gas
file with the Nuclear Regulatory Commission and the Federal
marketing business.
Communications Commission but we don’t have expected filing
dates at this time.
DENA has had good success in lowering its costs. And while
weather did not help our generation sales in the first half of the
As you are well aware, new energy legislation is expected to be
year, we did see an increase in demand for the month of July.
signed into law on Monday in New Mexico. This new legislation
DENA’s gas marketing business however has not fared as well as
includes a wide variety of provisions aimed at enhancing the
we’d hoped. We are working to rebuild this business but it’s
reliability, affordability and availability of energy, and creating
taking more time than we had originally anticipated because
jobs. Duke Energy believes the bill addresses issues that have long
we’re being very cautious. However, if we have decent summer
obstructed the development of a rational energy infrastructure.
weather for the balance of the third quarter we still feel we can
meet our target of no more than a $150 million ongoing segment
The legislation repeals the Public Utility Holding Company Act six
EBIT loss for the year.
months after enactment, and vests certain consumer protections
with FERC and the states. With respect to our anticipated merger,
You may recall when we announced our proposed merger with
we would not expect to register under the 35 Act. This results in
Cinergy, we indicated that one of the benefits would be a ‘kick
simpler, more cost-effective operations, and gives us options with
start’ to our gas marketing business, as Cinergy already had a
regards to Crescent.
profitable business model in place. Many of you are also
probably aware that Cinergy reported lower earnings from their
While we will be focusing our efforts on preparing for day one of
gas marketing business this quarter. Rest assured that we will be
the merger, rest assured we are not losing sight of our primary goal
taking a close look at this part of Cinergy’s business as part of our
this year. Everyone at Duke Energy remains committed to
integration efforts to determine the best path forward on that part
efficient and safe operations, reaching our incentive goal of $1.60
of the business.
per basic share and delivering value to our shareholders.
And we are still working on a sustainable business model for
It bears repeating that we are comfortable with our results to date
DENA. Our view of what that model should be is evolving as we
and we are on plan for our expectations.
revisit options and additional capabilities that the merger with
Cinergy provides. While its not a complete solution, the
Now we’ll be happy to take your questions.
combination with Cinergy is a major step forward in delivering
positive earnings from our merchant generation business.
6
7. PREPARED REMARKS AND Q&A
Q2 2005 Duke Energy Corporation Earnings Conference Call August 3, 2005
QUESTION AND ANSWER David Hauser - Duke Energy - Group VP & CFO
I might just add the biggest thing we did with DENA was cost
reductions, which were $95 million in year one of the merger and
Operator
$125 million in year two of the merger.
Dan Eggers, CS First Boston.
Paul Anderson - Duke Energy - Chairman & CEO
Dan Eggers - CS First Boston - Analyst
I think that's a good point, because if you look at the synergies, the
synergies were based solely on cost reductions. They were not
I'm going to ask a question everybody probably is going to die to
based on new business development.
ask, and that is with Cinergy's second-quarter earnings release as it
was and the suspension of 2006 guidance, is this going to affect the
outlook for the deal, the terms of the deal? And did this shape Dan Eggers - CS First Boston - Analyst
anything about the value of the transaction?
Great. One last question. David, is there going to be any other
financial benefits we should be looking for out of the Energy Bill
Paul Anderson - Duke Energy - Chairman & CEO
other than avoiding the nuisance of having to comply with the 35
Act with the deal?
The simple answer is no. It doesn't really change it at all.
Obviously when you do a deal the size of our deal with Cinergy,
you're doing it for the long-term; you're not doing it for the next David Hauser - Duke Energy - Group VP & CFO
quarter. If you look at Cinergy's results, and I have talked to Jim
Rogers about that and he pointed out that they had 12 great I think the biggest one is it gives us flexibility with regard to
quarters in gas trading and 1 bad quarter. They addressed it Crescent. Assuming this passes and the Holding Company Act is
immediately with some changes in management. Obviously we're repealed, then we would not be required to sell Crescent as a result
going to be taking a quick look and a hard look, as Fred said, at of this merger. So that gives us some flexibility there.
that part of their business.
Paul Anderson - Duke Energy - Chairman & CEO
In terms of the rest of the business, it was very solid. And all the
reasons that we want to do the deal are still there. So I think the
There will be some benefits that aren't necessarily immediately
fact that one quarter was a disappointment, probably not only to
identifiable with financial benefits. For instance, some of the
The Street but to ourselves, is not at all a setback in terms of what
provisions of the Energy Bill should expedite our pursuit of
are we trying to do for the long-term here.
Islander East, which has kind of been dead center for three years.
And the bill provides a venue for us to be able to have a federal
Dan Eggers - CS First Boston - Analyst
hearing on the issues that we've got with the state.
And then on the gas marketing business, I know you're going to
Dan Eggers - CS First Boston - Analyst
assess that more thoroughly. But historically that business back in
the old days was a $50 million to $100 million business for you
Got it. Thank you guys.
guys. I think aspirations were getting to $50 million or better. Was
any of that put into the Cinergy expectations in the deal originally?
And how should we think about DENA's earnings power with or
Operator
without that gas marketing piece?
Paul Fremont, Jefferies & Company.
Paul Anderson - Duke Energy - Chairman & CEO
Paul Fremont - Jefferies & Company - Analyst
We took a very conservative view as to what to expect in that
arena. I would say that our bias was to cut expectations as opposed
Thank you. I'm curious if we could get a comment on the Dynegy
to add expectations in terms of what the merger would bring to the
sale of their gathering and processing properties and what you
party. I'm not the least bit uncomfortable with the assumptions that
thought about the cash flow multiples on that transaction and
we took to the Board versus what we're seeing there right now.
7
8. PREPARED REMARKS AND Q&A
Q2 2005 Duke Energy Corporation Earnings Conference Call August 3, 2005
whether that sort of improved the outlook. Or how does that impact want to get into any more detail. Probably this time next quarter
what you see happening potentially with your Field Services, either we will be in much better shape to talk about it.
MLP or other transactions?
Maureen Howe - RBC Capital Markets - Analyst
Paul Anderson - Duke Energy - Chairman & CEO
Can you perhaps elaborate also just on your thoughts on your
I'm not sure that -- I obviously never want to comment on natural gas transmission assets in general? Are you going to look at
somebody else's deal because unless you're there and know all the alternatives for those assets perhaps before completing the Cinergy
facts it's always dangerous to say that was a good deal or bad deal. merger? Do you have any thoughts in that regard? Does the new
We obviously looked at those assets along with everybody else, energy legislation give you greater flexibility? And has your
and our conclusion, or I guess our knee-jerk reaction, is that they thinking perhaps either evolved or changed?
got a very good price for it.
Paul Anderson - Duke Energy - Chairman & CEO
As far as what it means to us going forward, Fred, why don't you
make a comment or two?
Our thinking will be evolving, but I guess I don't want to get too
far down the road in exploring alternatives until we get our
Fred Fowler - Duke Energy - President & COO approvals for this merger because the worst thing that you want to
do is come up with a great idea and start pursuing it and suddenly
I'm not sure it means a lot going forward. There's no doubt that set find that you have to re-file under all these filings that you've
of assets is a good set of assets. It's been well run. It's basically the made. So I have kind of put my mind in neutral with regard to
same set of assets and another good management team. So very strategy with regard to the options for the gas business until we get
viable competitors, no doubt about it, but they have been before. through the approval process. And then once we get things
So I don't see it having major impact on us. approved, then I think we will jump in with both feet. But we don't
want to get out ahead of ourselves until we get through the
approval process.
Paul Fremont - Jefferies & Company - Analyst
Maureen Howe - RBC Capital Markets - Analyst
Thank you.
Just one final question. Does the passing of the US Energy Act
Operator
change your thoughts with respect to timing of the completion of
the merger?
Maureen Howe, RBC Capital Markets.
Paul Anderson - Duke Energy - Chairman & CEO
Maureen Howe - RBC Capital Markets - Analyst
I would say it gives us more confidence that we will be able to do
I'm just wondering if you can elaborate a little bit on the potential it in a year. Rich Osborne is here, and I'll just ask him to comment
income trust of the Canadian gas assets. And I believe most of on that because he's in the middle of that approval process.
assets are regulated, and I'm wondering if you're in discussions
with the National Energy Board or the Ontario Energy Board about
Rich Osborne - Duke Energy - Group VP, Public and
the potential of putting those assets into a non-taxable structure and
Regulatory Policy
still collecting the tax and rates.
Thanks, Paul. As Paul says, it gives us a lot more confidence that
Paul Anderson - Duke Energy - Chairman & CEO
we can accomplish it in the time we had estimated.
That study is being done by Fred, but let me answer that question The Holding Companies Act typically required 30 to 60 days
because I don't want him to get into too much detail on that. beyond receipt of all other approvals. That will be gone. We will
not have to file and register as a 35 Act company. So it will take a
We're in the very preliminary stages in terms of looking at income month or two off the estimated time to complete all the regulatory
trusts. I think you know, as you realize there are some assets that approvals. I would say we're still looking at the first half of next
fit into that structure and some that don't. And beyond saying that year; probably not the summer of next year, but the first half.
we're in the preliminary stages of looking at it, I don't think we
8
9. PREPARED REMARKS AND Q&A
Q2 2005 Duke Energy Corporation Earnings Conference Call August 3, 2005
And Europe doesn't have the same issues that we hear at least
Maureen Howe - RBC Capital Markets - Analyst
being talked about here, is that correct?
That's great. Thank you very much.
Fred Fowler - Duke Energy - President & COO
Operator
That's correct.
Paul Patterson, Glenrock Associates.
Paul Patterson - Glenrock Associates - Analyst
Paul Patterson - Glenrock Associates - Analyst
Okay good. And then the weather impact, I know that there was
obviously a benefit to utility and -- I mean a hurt at utility and at
I was wondering if you could give us an idea of the currency
DENA. I was wondering if you could just tell us sort of corporate-
impact corporate-wide was for the company for the quarter.
wide what the impact of weather was or what it would have been if
it was normal.
Paul Anderson - Duke Energy - Chairman & CEO
Paul Anderson - Duke Energy - Chairman & CEO
Sure. David, do you want to do that?
You're talking about for July?
David Hauser - Duke Energy - Group VP & CFO
Paul Patterson - Glenrock Associates - Analyst
Yes. It was about $9 million in Brazil, and that's on their EBIT.
And then it's about the same thing for the quarter in DEGT. Those
No. Well, that would be interesting. But no, for the quarter.
were all set in interest expense and the bottom line is about $8
Versus normal?
million of net income impact.
David Hauser - Duke Energy - Group VP & CFO
Paul Patterson - Glenrock Associates - Analyst
So $0.05 a share was the weather impact for the quarter.
I noticed that this National Methanol has done very well and that
it produces MTBE. But it is located in Saudi Arabia and sort of a
regional producer. Should we assume there's no -- none of those Paul Patterson - Glenrock Associates - Analyst
litigation issues that we're hearing about in North America would
apply to them being located that far away? Or could you discuss
For the whole Company? That's versus normal?
that a little bit?
David Hauser - Duke Energy - Group VP & CFO
Paul Anderson - Duke Energy - Chairman & CEO
Yes.
Sure. The markets for MTBE are in Europe. Obviously energy
markets are all sort of interrelated and some of these things are
Paul Patterson - Glenrock Associates - Analyst
fungible. But as far as liability for MTBE producers and what have
you, National Methanol is primarily a supplier to Europe.
And then finally, with the LNG facilities and the CapEx that
Fred, do you have anything to add to that? you're putting in there as well as in Crescent and what have you,
do you guys -- I know that you cut back on the buyback and what
have you. Any ideas about how that's all going to be financed or
Fred Fowler - Duke Energy - President & COO
any idea or any projections you can sort of give us? I know you
have got the merger going on as well and what have you, but any
No, I think that's exactly --
thoughts there? Do you think you're going to need any additional
equity or do you think we're okay?
Paul Patterson - Glenrock Associates - Analyst
Paul Anderson - Duke Energy - Chairman & CEO
9
10. PREPARED REMARKS AND Q&A
Q2 2005 Duke Energy Corporation Earnings Conference Call August 3, 2005
That sounds like a Hauser question.
Mark Minikes - Citigroup - Analyst
David Hauser - Duke Energy - Group VP & CFO
How much do you have invested in these mutual insurance
We don't anticipate needing any additional equity. We are companies?
achieving our capital structure that we've set out to achieve, so I
don't think you'll see us using any equity for that. I do think you'll
David Hauser - Duke Energy - Group VP & CFO
see us using some of our cash balances for that.
These are part of our captive insurance and I don't have the answer
Paul Patterson - Glenrock Associates - Analyst to how much we have invested. I don't think it's a consequential
number.
Okay. Thanks a lot.
Mark Minikes - Citigroup - Analyst
David Hauser - Duke Energy - Group VP & CFO
Great, thanks.
Let me make one clarification on the $0.05 of weather. That's
really compared to last year as opposed to normal. I don't have
Paul Anderson - Duke Energy - Chairman & CEO
right in front of me how last year compared to normal. But it is
compared to last year.
You should actually be seeing these similar sorts of movements in
other companies because there has been an accounting change that
Paul Anderson - Duke Energy - Chairman & CEO I don't think many people had picked up until fairly recently.
Last year I think it was a little bit better than normal.
David Hauser - Duke Energy - Group VP & CFO
Operator That's correct.
Mark Minikes , Citigroup.
Mark Minikes - Citigroup - Analyst
Mark Minikes - Citigroup - Analyst Great, thanks.
Just a question for you on your other EBIT. You had a charge
Operator
taken for increased liability associated with mutual insurance. Is
this a one time item or is this an ongoing item? Could you just
Ashar Khan, SAC Capital.
elaborate on what that was and maybe the magnitude of it?
Ashar Khan - SAC Capital - Analyst
David Hauser - Duke Energy - Group VP & CFO
Paul, any update on the strategic side versus work on the gas-
This is another Hauser question.
electric breakup and DENA -- an update on DENA, how things are
going? Any thoughts whether still on the cards that you could do
David Hauser - Duke Energy - Group VP & CFO something more strategic before the transaction closes?
Yes, I can elaborate on that. Under accounting rules now you have
Paul Anderson - Duke Energy - Chairman & CEO
to record the liability for a mutual insurance company. The amount
we recorded in the second quarter was $24 million. That's
As I mentioned with regard to whether or not it makes sense to
associated with two different mutual insurance companies and it's
separate gas and electric, we really are not actively pursuing that
events that have happened in the first half of the year. So you'll see
until we get through our approval process because we don't want to
us recording every quarter something associated with those. It
come up with an option that would screw up any of the filings that
could be positive if there's more events so that there's an expense
we've made.
or it could be negative as they settle out events. So it will move
both ways over time.
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11. PREPARED REMARKS AND Q&A
Q2 2005 Duke Energy Corporation Earnings Conference Call August 3, 2005
As far as where we are with DENA, I'll let Fred comment as to
where he sees DENA at this point. But the actual strategy as to where we're going hasn't changed an
awful lot. I think he's been very helpful in understanding the
landscape. But the bottom line is that at the current time the market
Fred Fowler - Duke Energy - President & COO
for international assets is weak enough that these assets are worth
more to us than they would be to others. And we've gotten to about
I think from the standpoint of DENA's operation, it’s just double-digit returns, which when I first came that was our first
operations in general, I feel much better. We continue to get objective, was can we get to at least double-digit returns.
ourselves better control around our costs. Again, we think we have
the business well positioned for the third quarter. We set it up on So it's been a good quarter for International. It looks like it's going
that basis because we saw the dry hydro year setting up in the to be a good year for International. It's sort of like DENA -- we
Northwest. So we actually covered in some of the hedges that we don't feel compelled to do something. In fact, we feel even less
had on our West Coast assets to position for it, if we did have a compelled because they are a profitable operation. We don't feel
good -- some summer weather that we could see some tightness in compelled to do something unless we can get a really good price
the West. So far that's setting up as planned, but we will have to for them.
see. July was good. Hopefully we will continue to see follow-
through. So I think from the standpoint of just the basic day-to-day
Ashar Khan - SAC Capital - Analyst
operations I continue to see improvement there.
We continue to have a lot of discussions with a lot of different Thank you very much.
people concerning different options about, as I said, trying to get it
to a more sustainable model. To me, what we've really done with
Operator
the Cinergy deal is put that business in a position where it is
earnings and cash flow positive. I am a little more patient in
Stephen Dafoe, Scotia Capital.
looking at options when I'm not losing money. So I think we've
kind of improved our negotiating position from the standpoint of
doing a strategic deal. Stephen Dafoe - Scotia Capital - Analyst
In your reply to Maureen's question about which Canadian assets
Paul Anderson - Duke Energy - Chairman & CEO
are being considered for an income trust, you said some assets fit
and some don't. I can think of Canadian gas distribution utilities
I think that's really the critical point that at this point we don't feel
that sort of fit and Canadian gas pipelines that sort of fit. That
compelled to do something if it's not -- if it's not going to create
describes most of your Canadian assets. Could you elaborate a bit
value. We don't feel compelled to sell at the bottom of the cycle or
more on which ones are being considered? And further on that, if
to cut an unfavorable deal. Once Cinergy and Duke join together
any of your assets end up not fitting for whatever reasons, the stars
we will have a profitable merchant function.
are not aligning, would you consider other means of monetization
of those assets?
Ashar Khan - SAC Capital - Analyst
Paul Anderson - Duke Energy - Chairman & CEO
Paul, one comment, if I remember my memory right, you had
mentioned about a member of the Board who had joined in who
I don't think you can necessarily categorically say that all of them
was going to give you advice on your International operations by
fit, because it depends on how they are treated by the regulators.
the middle of the year. And I was trying to check in on that
And while gas pipelines probably fit, distribution assets are less
whether you got some new assessment of the International
likely to fit. I don't want to get into too much detail. Fred, is there
business or what the thinking is there.
anything you would like to say?
Paul Anderson - Duke Energy - Chairman & CEO
Fred Fowler - Duke Energy - President & COO
Roger Agnelli is the Board member who we put on, I think it was
All I would say is that I think if you look in terms of regulated
in September of last year or maybe it was November before he was
assets in Canada right now the NEB is not particularly -- has not
effective because of the FERC approval. But Roger and I have
been particularly favorable about the treatment that they are
chatted a bit, and he's had meetings with our International folks. In
willing to give about moving those assets over and what happens
fact, we're going to have a major operating meeting in Brazil in the
on the taxes. So that seems to be evolving as well. And I think just
first week of December where we will take all the troops through a
kind of in simple terms probably if we do decide to do this you
kind of team building and development session.
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12. PREPARED REMARKS AND Q&A
Q2 2005 Duke Energy Corporation Earnings Conference Call August 3, 2005
would probably start out with your unregulated assets. And we Of course just the fact that you have a larger fleet to trade around is
have quite a few unregulated assets in Canada when you think in a benefit. The fact that we can take the two organizations and take
terms of the fact that we just did the deal where we took in all of the best of best practices from each, combine the ways that they've
Field Services' processing assets in Canada. done operations and maintenance with the ways that we have,
there's some upsides there that not necessarily cost-related, but
they could be financial nevertheless.
Stephen Dafoe - Scotia Capital - Analyst
Keith LaRose - Bradley, Foster & Sargent - Analyst
Thank you.
That's helpful. This question may not be completely clear because
Operator
the bill is not completely clear to me yet. But in the Energy Bill,
are there opportunities with that merchant fleet relative to the
Keith LaRose , Bradley, Foster & Sargent. regional capacity issues in the bill that might build in generating
capacity in smaller regions, if I understand that correctly? Does
that question make sense?
Keith LaRose - Bradley, Foster & Sargent - Analyst
You highlighted most of the synergies with the Cinergy deal, $95 Paul Anderson - Duke Energy - Chairman & CEO
million in year one and $125 million in year two. Can you speak to
the prime mover synergies in the deal as opposed to just the cost I'm going to ask Rich if he knows even a partial answer to that
reduction synergies of the deal? question because the bill is pretty new at this point.
David Hauser - Duke Energy - Group VP & CFO Rich Osborne - Duke Energy - Group VP, Public and
Regulatory Policy
You mean what will we be able to do to create value that isn't
associated with cost reductions? Are you referring to the reliability provisions?
Keith LaRose - Bradley, Foster & Sargent - Analyst Keith LaRose - Bradley, Foster & Sargent - Analyst
From a prime mover perspective, as I look at the assets that you That's right.
have within the unregulated businesses of the two companies, what
synergies and benefits do you get at the prime mover level of this
Rich Osborne - Duke Energy - Group VP, Public and
transaction beyond just cost reduction, just beyond overhead?
Regulatory Policy
Paul Anderson - Duke Energy - Chairman & CEO
I think we'll have to see what the FERC does to promulgate those
before we know whether -- well, I'm sure there'll be some impact
Probably the biggest benefit -- well, you know, there's a little on the regulated and unregulated generation as they promulgate
scope and scale in there. But the biggest benefit is the flexibility in them. But we really couldn't address what that impact would be
size and compatibility of the fleet, particularly in the Midwest. We until the FERC starts to explain how they're going to implement it.
now have a full range, from very low cost base coal-fired
generation, to a much more flexible, but higher cost gas-fired
Keith LaRose - Bradley, Foster & Sargent - Analyst
peaking, to the mid-range generation there of gas-fired combined
cycle. We were 100% gas, as you're probably well aware and
I'll ask the question a different way maybe and more directly. And
Cinergy was 85% coal and they had no real mid-range. So you put
it will be my last one. Is there an opportunity for any of these
the two fleets together and it gives you a lot more dispatch
merchant assets to move into a regulated base?
flexibility to be able to have that mid-range combined with the
base and the peaking. They kind of have a hole in the middle and
we were kind of focused on the middle up and we didn't have any Rich Osborne - Duke Energy - Group VP, Public and
base load. I would say that’s probably a good example of one of Regulatory Policy
the best synergies, if that's what you're looking for, of putting the
two together.
Certainly there's nothing explicit in the Energy Bill that would
open that door. I think again that's going to depend upon how the
FERC structures its response to reliability. They could have
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13. PREPARED REMARKS AND Q&A
Q2 2005 Duke Energy Corporation Earnings Conference Call August 3, 2005
aspects of reliability, and you see some of these in some of the
RTO’s and some of the grids that are out there, where they do pay
for capacity in a long-term contractual mode, and a fixed mode.
That would have a sort of regulated aspect to it, although it's
technically not regulation the way you and I might think of it. But
we really have to see how they implement. I think it's just
speculation at this point.
Keith LaRose - Bradley, Foster & Sargent - Analyst
I appreciate the time, gentlemen.
Operator
That's all the time we have for questions today. Speakers, I will
turn the conference back to you for additional or closing remarks.
Julie Dill - Duke Energy - VP of Investor Relations
Thank you Kim. Thanks everyone for joining us today.
Just a quick reminder, Duke will be having an analyst or
conference day in conjunction with Cinergy, to discuss more on
the merger on September 15th, here in Charlotte. Please hold the
date and we will be sending more information. As always, my
team and I are available to answer any other questions that you
might have. Thank you so much.
Operator
That does conclude our conference call today. Thank you all for
your participation.
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